Avoid Surprises: Know Your Homeowner's Coverage

Real Estate Agent with Keller Williams


Most of us sign up for a homeowner's insurance policy when we purchase a home not only because of the protection it offers us, but also because of the "required reading" aspect of it to our mortgage lender. Those institutions lending us the money to make homeownership possible cover their bases by making sure their own financial investments are protected in case of fire or natural disasters. But how much does the average homeowner know about what the typical homeowner's policy covers?

The typical homeowner's policy includes coverage for perils and losses due to fire, lightning, tornadoes, windstorms, hail, explosions, smoke, vandalism and theft. Those owning homes in coastal areas may want to pay special attention to the restrictions their coverage places on wind damage protection, however.

Just as you would scrutinize the terms of your medical insurance, the nuances and details of your homeowner's policy should be examined seriously. Too often, homeowners sign up for a policy and go on autopilot regarding its terms and coverage without taking new acquisitions, risks, and increasing value of their homes into consideration.

Most insurance agents recommend a regular insurance "check-up" for consumers, so that homeowners are not left "high and dry" when disasters and losses strike.


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Margaret "Maggee" Miggins

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